Boone company reports the following: End of Year Beginning of year Inventory $25,000 $40,000 Account payable...
Boone company reports the following:
| End of Year | Beginning of year | |
| Inventory | $25,000 | $40,000 |
| Account payable | 30,000 | 10,000 |
| Account Receivable | 15,000 | 8,000 |
If the cost goods sold for the year is $250,000, the amount of cash paid to suppliers is:
a. $215,000
b. $255,000
c. $245,000
d. $285,000
e. $222,000
Homework Answers
To calculate the amount of cash paid to suppliers, we need to determine the change in accounts payable during the year. The change in accounts payable is calculated by subtracting the beginning accounts payable from the end accounts payable.
Change in Accounts Payable = End of Year Accounts Payable - Beginning of Year Accounts Payable Change in Accounts Payable = $30,000 - $10,000 Change in Accounts Payable = $20,000
The change in accounts payable represents the amount of purchases made on credit from suppliers during the year. Since the cost of goods sold is given as $250,000, we can calculate the amount of cash paid to suppliers as follows:
Cash Paid to Suppliers = Cost of Goods Sold + Change in Accounts Payable Cash Paid to Suppliers = $250,000 + $20,000 Cash Paid to Suppliers = $270,000
Therefore, the amount of cash paid to suppliers is $270,000. None of the given options (a, b, c, d, e) match this amount.
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Accounts payable pertain to the purchase of inventory.
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All dividends are cash.
For the year 2005:
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Purchases for the year is:
Cash paid to suppliers is:
Depreciation expense is:
Cash paid for operating expenses is:
Cash paid for interest is:
Cash paid for income taxes is:
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